MIRA INFORM REPORT

 

 

Report No. :

348960

Report Date :

10.11.2015

 

IDENTIFICATION DETAILS

 

Name :

LAVENDER NOVELTIES & HANDICRAFTS & HOUSEHOLD APPLIANCES

 

 

Registered Office :

Villa No. 451, Road No. 3834, Shaikh Isa Avenue, PO Box 26224, Juffair 338, Manama

 

 

Country :

Bahrain

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

08.12.2003

 

 

Com. Reg. No.:

33771-4

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Engaged in the wholesale and retail of household furniture, utensils and novelty items.

 

 

No. of Employees :

04

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

Payment Behaviour :

No Complaints

Litigation :

Clear

 

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Bahrain

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

SUMMARY

 

Company Name                                    : LAVENDER NOVELTIES & HANDICRAFTS & HOUSEHOLD

  APPLIANCES

Country of Origin                                   : Bahrain

Legal Form                                           : Sole Proprietorship

Registration Date                                  : 8th December 2003

Commercial Registration Number           : 33771-4

Chamber Membership Number               : 12307

Invested Capital                                    : BD 10,000

Total Workforce                                     : 4

Activities                                               : Wholesalers and retailers of household furniture, utensils and novelty

   items

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Vinil Joseph, Sales Manager

 

 

COMPANY NAME

 

LAVENDER NOVELTIES & HANDICRAFTS & HOUSEHOLD APPLIANCES

 

 

ADDRESS

 

Registered & Physical Address

 

Building            : Villa No. 451

Street               : Road No. 3834, Shaikh Isa Avenue

PO Box            : 26224, Juffair 338

Town                : Manama

Country             : Bahrain

Telephone         : (973-17) 714976

Facsimile          : (973-17) 714986

Mobile              : (973-35) 160716

Email                : info@lavenderonline.com / lavender@batelco.com.bh

 

Premises

 

Subject operates from a small suite of offices and a showroom that are rented and located in the Central Business Area of Manama.

 

 

KEY PRINCIPALS

 

Name                                                                                       Position

 

Sheikha Huda Bint Abdulaziz Al Khalifa                                       Proprietor & General Manager

 

Vinil Joseph                                                                              Sales Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 8th December 2003

 

Legal Form                  : Sole Proprietorship

 

Commercial Reg. No.   : 33771-4

 

Chamber Member No.  : 12307

 

Invested Capital           : BD 10,000

 

Sheikha Huda Bint Abdulaziz Al Khalifa is the sole proprietor of the business.

 

 

OPERATIONS

 

Activities: Engaged in the wholesale and retail of household furniture, utensils and novelty items.

 

Import Countries: Germany, Italy, Uzbekistan, Turkey and India.

 

International Suppliers:

 

Mahes Shree Enterprises           India

Shreeram & Sons                      India

 

Operating Trend: Steady

 

Subject has a workforce of 4 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Bahraini Dinar (BD)

 

                                                Year Ending 31/12/13:              Year Ending 31/12/14:

 

Total Sales                                BD 615,000                               BD 670,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

Al Ahli Commercial Bank

Government Avenue

PO Box: 5941

Manama

Tel: (973-17) 244333

Fax: (973-17) 241301

 

PAYMENT HISTORY

 

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Please note that the correct name of the subject is “Lavender Novelties & Handicrafts & Household Appliances” and not “Lavender”.

 

During the course of this investigation nothing detrimental was uncovered regarding subject’s operating history or the manner in which payments are fulfilled. As such the business is considered to be a fair trade risk.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.34

UK Pound

1

Rs.100.03

Euro

1

Rs.71.45

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

TPT

 

               


 

RATING EXPLANATIONS

 

RATING

STATUS

PROPOSED CREDIT LINE

 

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

 

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

 

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

 

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

 

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

 

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

 

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

Credit not recommended

 

--

NB

New Business

--

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                  Payment record (10%)

Credit history (10%)                   Market trend (10%)                                Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.